Oerlikon reports continued strong level of profitability
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1 Oerlikon reports continued strong level of profitability Investor Presentation Roadshow Paris Oerlikon Q3 November 27, 2012
2 Agenda 1 Business Overview 2 Business Update Q Financials Q Outlook 5 Appendix Page 2
3 More than 100 years of history and Oerlikon s ability to change Schweizerische Werkzeugmaschinenfabrik Oerlikon (SWO) is founded Foundation of Graziano Oerlikon Space lifts off. Launch of first European booster rocket, Ariane 4 Oerlikon- Bührle Group is split up. Core business is renamed Unaxis Opening of the plant in Suzhou, China Takeover of Saurer AG with ist strong textile business New profitability level: Record EBIT margin at 10 percent Swiss roots: Oerlikon was named after a suburb of Zurich Foundation of Balzers Oerlikon-Bührle Holding floats on the stock market Graziano becomes part of Saurer AG Comprehensive rebranding: Oerlikon stands by its business tradition and its Swiss values: quality, reliability, precision, and innovative flair Announcement to divest the Solar Segment Page 3
4 Business Overview Segments Group Textile Drive Systems Vacuum Coating Advanced Technologies Solar Global industrial Group with Swiss values providing innovative industrial solutions Textile solution provider Mechatronic, hydrostatic and electric drive systems Full vacuum solutions, components and services Coating services and equipment Manufacturing equipment supplier of the semi, PV and cleantech industries Turn key solutions for thin film silicon photovoltaic Sales 2011* (+16 %) EBIT (>100 %)** Over 150 locations in 38 countries employees Asia 47 % of sales Globally renown customers such as Bosch, Caterpillar, McLaren, Siemens Growth markets like Food, Clothing, Infrastructure, Transportation Systems, Energy and Electronics * Group EBIT contains corporate / elimination items of CHF 30 m ** in CHF million Page 4
5 Business Overview Markets 2011 Sales* split by geography (CHF m) Oerlikon is an innovative technology group NorthAm % Europe % Others 356 Asia % Oerlikon is focused on high quality businesses with leading positions in global markets Innovation is at the core of Oerlikon business model across all segments Oerlikon is an early mover in Asia where the company now enjoys a strong reputation and track record Market capitalization of CHF 2.9 bn (as per ) Market presence and example end markets of Oerlikon Group* defines percentage of total Group sales within respective market Food Clothing Transportation Infrastructure Energy Electronics Others Agriculture Technical clothing Automotive Glass coatings Wind turbines Touchscreens Formula 1 Very diversified applications from agriculture machinery components to machinery for the textile industry ** according to research by ubc consulting Page 5 * Sales to third parties
6 Oerlikon Customer Base (selection) Preferred technology supplier to technology leaders in their respective industries Global customer base and world-leading brand names Strong long-term customer relationships Page 6
7 Agenda 1 Business Overview 2 Business Update Q Financials Q Outlook 5 Appendix Page 7
8 Consistent high level of profitability in Q Group EBIT margin at 11.6 % Sales* in CHF million % Order intake in CHF million % 898 Order backlog EBIT in CHF million in CHF million in % 1,485-16% 1, % 111 EBIT margin % pts. Q restated Consistent high level of profitability in 2012 Q cont. op. Q restated Q cont. op. Q restated With an EBIT margin of 11.6 %, Oerlikon operates on a continued high level Strong margin improvements in the Textile and Drive Systems Segment Positive currency impact Q cont. op. Q restated Q cont. op. Growth in Europe +13 % and Asia +9% (whereof China +12 %) Q restated Execution of Operational Excellence programs and portfolio adjustments Q cont. op. * Sales to third parties Page 8 Oerlikon net cash positive after strong operational and financial performance and based on completion of comprehensive refinancing in July 2012
9 Sales by region Sales share of Asia increased to 50 % North America North America Europe Sales 312 (+13 %) 33% 11% Sales Q3 2012* (cont. operations) 6% Sales 108 (-29 %) RoW Sales 58 (-19 %) Europe Sales % 16% Sales Q3 2011* (restated) Sales 153 8% RoW Sales 72 50% Asia / Pacific Sales 479 (+9 %) 47% Asia / Pacific Sales 439 Oerlikon benefits from growth opportunities worldwide European markets fueled sales up by 13 % followed by Asia up by 9 % BRIC opportunities should create better balance of geographical diversification * Sales to third parties (in CHF millions) Page 9
10 Oerlikon Segments 1/2 Textile Drive Systems Vacuum Excellent market reception of new products presented at the ITMA Asia in Q Manmade Fibers: First equipment orders for delivery in 2015 received Natural Fibers: Improvement of Order Intake Increased demand for carpet yarn equipment in the U.S. Segment benefits from strong backlog from the first half of 2012 Slowing market growth in markets like agriculture, construction, mining and energy Market demand in India and China slowed due to softness of the agricultural market Additional assembly in factory in China Order Intake improved as postponements of previous quarter materialized Overall softening market environment, especially in the process industry, solar and coating in Asia Continued investments in new product introductions, logistics and regional expansion New CEO started as of October 15, 2012 Page 10
11 Oerlikon Segments 2/2 Coating Solid growth in the tools markets in Japan, Germany and the U.S. Slowing demand in the automotive market affected components business Opening of 88 th global coating center in Malaysia and capacity expansion in existing coating centers Further regional expansion in preparation Advanced Technologies The semiconductor industry continued to slow Hexagon, an advanced packaging solution, received qualification with major customer Solaris received qualification for coatings of touch sensors Page 11
12 Agenda 1 Business Overview 2 Business Update Q Financials Q Outlook 5 Appendix Page 12
13 Key figures by Segment Q in CHF m Group** Textile Drive Vacuum Coating Adv.Tech. Order intake Δ to Q % % % % % % Order backlog Δ to Q % % % % n/a % Sales* Δ to Q % % % % % % EBIT % of sales % % % % % -1 n.a. * Sales to third parties ** restated Page 13
14 FX impact on Sales, EBIT and EBIT margin Oerlikon Group Sales* Q in CHF m +8% Oerlikon Group EBIT Q in CHF m +14% EBIT margin in % Q FX impact adj. Transaction effect Translation effects Q reported Q FX impact adj. Transaction Effects Translation Effects Q reported Currency impact driven by strong development of USD and CNY EBIT margin disproportionate affected due to currency mix in global network * Sales to third parties Page 14
15 Order bridge by Segment Order intake by Segments in CHF m 837 Growth rate 71 +7% + 17% -16 % +9 % +5 % +40 % Q restated Textile Drive Vacuum Coating Adv. Tech. Q * Sales to third parties Page 15
16 Sales bridge by Segment Sales* by Segment in CHF m 939 Growth rate % +4 % +3 % -9 % +5 % -13 % Q restated Textile Drive Vacuum Coating Adv. Tech. Q * Sales to third parties Page 16
17 EBIT bridge by Segment EBIT by Segment in CHF m 123 Growth rate % % +50 % -50 % 0 % n/a Q restated Textile Drive Vacuum Coating Adv. Tech. Corp./Elim. Q Page 17
18 Return On Capital Employed (ROCE) ROCE = NOPAT / Capital Employed ROCE in % 16.5% 17.6% 17.5% 17.3% 14.9% FY 2011 reported FY 2011 restated Q continuing operations Q continuing operations Q continuing operations 9M 2012: improvement in 12-month rolling NOPAT and disproportionate increase in Capital Employed Oerlikon Group creates value by earning premium over cost of capital Page 18
19 Oerlikon net cash positive by end of Q Development of debt position FY M % Facility B (old) * Facility A (new) Facility C (old) * Bond Others FY 2011 HY M 2012 Successful closing of Solar divestment will allow to further reduce debt (drawing of Facility A) * Including capitalized financing costs (Bond CHF 2 million, Facility A CHF 14 million) Page 19
20 Agenda 1 Business Overview 2 Business Update Q Financials Q Outlook 5 Appendix Page 20
21 Outlook Oerlikon Group 2012 confirmed Next financial reporting: Q on March 5, 2013 Guidance FY 2012 based on current currency exchange rates The global economic environment is softening and remains difficult to assess. Based on the strong 9M performance and assuming successful closing of Solar Segment divestment, we confirm our guidance: - sales expected at 2011 levels - and profitability expected to increase to an EBIT margin (excluding Arbon effect) of around 11.5 %, reported EBIT margin expected at around 12.5 % - order intake expected to decline up to 5 % Oerlikon remains focused on the systematic execution of its agenda to strengthen underlying performance Page 21
22 Agenda 1 Business Overview 2 Business Update Q Financials Q Outlook 5 Appendix Page 22
23 Oerlikon s Identity Tagline Vision Mission Page 23
24 Investment Case Leading position in attractive growth markets Global player/ strong international footprint Sustainable improved EBIT margin Technological leadership/ innovation Solid balance sheet/cash positive Underlying performance improvement Limited Swiss Franc exposure Strong cash flow/dividend Page 24
25 Oerlikon Shares Oerlikon Shares Listed on Swiss Exchange (SIX) since 1975 Securities symbol: OERL Securities number ISIN: CH No. of shares outstanding: shares* Re-entry to Swiss SMIM on April 17, 2012 Addition to STOXX Europe 600 as of June 18,2012 * as of September 30, 2012 Oerlikon Shareholder Structure (as of June 14, 2012) Free Float 51,14% 0,15% 48,86% Treasury Shares (part of Free Float) Renova Group Oerlikon Share Price Development (as of November 22, 2012, Indexed; 100 percent = Closing price per December 31, OC OERLIKON CORP STXE 600 Pr SWISS MARKET INDEX SMIM PRICE INDEX Page 25
26 Coverage 8 Buy/Accumulate 2 Hold/Neutral Broker (as of November 5, 2012) Analyst Recommendation Date of last update Target Price AlphaValue Pierre-Yves Gauthier Buy Bank am Bellevue Michael Studer Hold Bank Vontobel Michael Foeth Buy Berenberg Bank Benjamin Glaeser Buy Credit Suisse Patrick Laager Buy Helvea SA Reto Amstalden Accumulate Kepler CM Christoph Ladner Buy Main First Bank tbd Société Générale Jean Baptiste Roussille Hold UBS Torsten Wyss Buy Zürcher Kantonalbank Armin Rechberger Overweight CONSENSUS Page 26
27 Oerlikon Group key figures HY 2012 in CHF m HY 2011 (restated) HY 2012 (cont. op.) Δ Order intake % Order backlog % Sales* % EBITDA (incl. one-time effect property sale Arbon) % of sales % % +24 % EBIT (incl. one-time effect property sale Arbon) % of sales % % +34 % Result from continuing operations % of sales % % +87 % Cash flow from operating activities before changes in net current assets Net Operating Assets (incl. goodwill and brands) % 2 108** % * Sales to third parties ** December 31, 2011 Page 27
28 Key figures by Segment HY 2012 in CHF m Textile Drive Vacuum Coating Adv.Tech. Order intake Δ to HY % % % % % Order backlog Δ to HY % % 79-9 % n/a 26 4 % Sales* Δ to HY % % % % % EBITDA % of sales % % % % -1 n/a EBIT % of sales % % % % -3 n/a Employees * Sales to third parties Page 28
29 Constant range of investments in R&D Expenditures for R&D in the range of 4-6 % of Sales (restated) CHF m / as % of Sales FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 HY Page 29
30 Oerlikon increased profitability in CHF m HY 2011* HY 2012 Δ Result before interest and taxes (EBIT) in % of sales % % +34 % Financial result n/a Result before taxes (EBT) in % of sales % % +78 % Income taxes in % of EBT % % n/a Result from continuing operations in % of sales % % +87 % * restated Page 30
31 Financial Result in CHF m Financial result CHF -9 m Financial income includes proceeds from Pilatus divestment Interest expenses of CHF 26 m Financial result FY 2012 expected at around CHF -100 m EBIT HY 2012 Financial Income Financial Expenses EBT HY 2012 Financial result FY 2013 expected to decline to approx. CHF -60 m Page 31
32 Tax Result in CHF m Tax rate H at 29 % Current income tax due to profitability contribution of most subsidiaries Main tax payers in China, Germany and India Deferred tax expenses mainly due to utilization of tax loss carry forwards EBT HY 2012 Current income tax expense Deferred tax expense Income from cont. op. HY 2012 Tax rate FY 2012 at around 35 % due to onetime effects from refinancing Mid-term targeted tax rate of around 30 % Page 32
33 Maintaining a solid balance sheet in CHF m Cash and cash equivalents Trade receivables Inventories Property, plant and equipment Intangible assets Total other assets Total assets Trade payables Current customer advances Current and non-current loans and borrowings Non-current post-employment benefit provisions Total other liabilities Total liabilities Total equity Equity ratio Net debt Gearing * * Net debt / Equity Page 33 FY % 86 5 % HY % 61 4 %
34 Net Working Capital * Net Working Capital * FY 2007-HY 2012 in % of Sales and CHF m 14% 18% 17% 8% 7% 10% Net working capital increased due to higher receivables, higher inventory and influenced by increased customer advances Net Working Capital HY 2012 at 10 % of 12-month rolling sales FY 2007** FY 2008 FY 2009 FY 2010 FY 2011 HY 2012 * Net Working Capital is defined as trade receivables + inventories trade payables current customer advances ** restated Page 34
35 CAPEX close to depreciation level CAPEX in CHF m Depreciation & amortization* in CHF m CAPEX / depreciation & amortization ratio * * -3% +25% Mid-term target corridor HY 2011 restated HY 2012 cont. op. HY 2011 restated HY 2012 cont. op. * restated ** excluding impairment Page 35
36 Consolidated Cash Flow Statement HY 2012 in CHF m Receivables -20 Inventories -44 Payables/liabilities -85 Customer advances 64 Total CAPEX PP&E -64 CAPEX intangibles -10 Purchase of financial investments -2 Proceeds from sale of financial investm. 54 Proceeds from sale of PP&E 39 Interest received 8 Total 25 Dividends paid -66 Interest paid -26 Repayment of financial debt -164 Other -10 Total Operating Free Cash Flow Cash and cash equivalents at the beginning of the period* Operating activities before changes in net current assets Changes in net current assets Investing activities Financing activities Translation adjustments to cash and cash equivalents Cash and cash equivalents at the end of the period* * includes cash and cash equivalents included in assets classified as held for sale in the balance sheet Page 36
37 Comprehensive Refinancing 2012 Increased strategic and operational flexibility New Syndicated Credit Facility Swiss Bond Unsecured transaction CHF 700m Credit Facility (Facility A) revolving facility of CHF 450 m and ancillary facility of CHF 250 m Term of three years and two additional one-year extension options Initial margin of 250 basis points per year 13 international banks in the syndicate CHF 100 m term loan (Facility B) cancelled due to successful issuance of Bond CHF 300 m Swiss Bond 4-year maturity Coupon of 4.25 % Coupon paid annually, starting on July 13, 2013 Regained confidence of capital market and recognition of underlying performance improvement Repayment in full of old facility from financial restructuring as of July 20, 2012 Page 37
38 Dividend policy and dividend for 2011 Dividend yield of 4 % Dividend policy to pay out up to 40 % of net profit AGM approved to pay out CHF 0.20 per share for Net profit per share 2011 Up to 40 % of net profit Max. pay-out Dividend proposal Dividend distributed from the reserve from capital contribution Dividend yield of 4 % based on a share price of CHF 5.03 at year-end 2011 Page 38
39 Investor Relations Contact OC Oerlikon Management AG Churerstrasse 120 CH-8808 Pfäffikon SZ Switzerland Andreas Schwarzwälder Head of Investor Relations Phone: Mobile: Page 39
40 Disclaimer Oerlikon has made great efforts to include accurate and up-to-date information in this document. However, we make no representation or warranties, expressed or implied, as to the accuracy or completeness of the information provided in this document and we disclaim any liability whatsoever for the use of it. This presentation is based on information currently available to management. The forwardlooking statements contained herein could be substantially impacted by risks and influences that are not foreseeable at present, so that actual results may vary materially from those anticipated, expected or projected. Oerlikon is under no obligation to (and expressly disclaims any obligation to) update or alter its forward-looking statements, whether as a result of new information, future events or otherwise. All information provided in this document is not intended as, and may not be construed as, an offer or solicitation for the purchase or disposal, trading or any transaction in any Oerlikon securities. Investors must not rely on this information for investment decisions. Page 40
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